National economy could increase growth forecasts
According to the 2015 Economic Report to the Governor, a collaboration between the David Eccles School of Business and the Governor’s Office of Management and Budget, Utah continues to outperform national averages, with new jobs developing at a faster pace and unemployment continuing to trend far lower than the nation. Barring any major disruptions to global and national economic conditions, the state can look forward to moderate growth and improving economic conditions in 2015. Utah’s labor market in 2015 is expected to taper off slightly; however, an improving national economy could increase growth forecasts.
Utah recovered from the recession faster than the nation and is expected to remain a leading economic growth state this year.
Key indicators and trends include the following:
“Utah’s vibrant and diverse economy remains among the strongest in the nation. I credit this to the hard work of so many Utahns and smart investment decisions made by business leaders and elected officials. Challenges remain as Utah’s homebuilding industry recovers and low oil prices impact Utah’s energy sector, but 2015 is poised to be another favorable year for the Utah economy,” said Natalie Gochnour, associate dean at the David Eccles School of Business.